India, South Korea aim to more than double trade to $50 billion

NEW DELHI: India and South Korea signed 11 agreements recently to expand business ties and more than double mutual trade to $50 billion by 2030.

Bilateral trade between the world's seventh and 11th largest economies rose by nearly a quarter to $20.8 billion in the 2017/18 fiscal year that ended in March, with $16.4 billion of that in favour of South Korea.

They also agreed to explore tripartite partnership for development in third countries, beginning with capacity building programmes in Afghanistan.

Major South Korean companies including Samsung and Hyundai Motor Co are household names across India, one of the world's fastest growing markets, and visiting South Korean President Moon Jae-in said he hoped that smaller companies from his Country could replicate that success.